Beverley Building Society Mortgages

View and compare all the Beverley Building Society mortgage rates on offer. Compare Beverley BS rates from all their current mortgage products including buy to let, tracker and both fixed and variable rate mortgages. Use the comparison tools to change the results to view more products.

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Beverley Building Society Mortgages

Amongst the smallest members of the Building Societies Association, Beverley Building Society is based in its only branch in the East Riding of Yorkshire town, Beverley. Founded in 1866, the Society primarily offers a range of savings accounts as well as variable rate mortgages. Here, we’re going to take a closer look at Beverley Building Society and see why potential homeowners of different kinds may want to consider borrowing from them.

About

Despite its relatively small size, Beverley Building Society serves members and customers looking to buy property all throughout the UK. It’s based in East Riding of Yorkshire, but both the savings products and mortgages are available nationwide. Their website offers transparent and easily understandable terms on all their products, as well as mortgage calculators that can better inform customers about what they’re signing up to. Their focus on variable rate mortgage deals also means that they are competing against some of the lowest cost providers in the industry.

Products & features

In terms of mortgages, Beverley offers only one type of mortgage, but with different levels of discount, terms, and rates. All loans from Beverly are standard variable rates. This means that the rates can go up and down at the discretion of the society.

Furthermore, all their loans come with a discount period. There are loans with 2-year or 3-year discount periods available. The rate for 2-year discounts can go as low as 1.28% before rising to the society’s standard variable rate of 4.75%. 3-year discounts, on the other hand, can go as low as 2.15%. The interest saving during the discounted period is then applied to the mortgage, spread across the rest of the term. This option makes it easier for homeowners to save money initially that can be spent on furniture, renovation, and repairs. This range of discount variable mortgage rates is available to home buyers, remortgaging, and additional borrowing.

One particularly noteworthy feature is the availability of offset mortgages. Customers with a savings account from Beverley Building Society can use their savings account to reduce the rate of their mortgage payments on loans that cover up to 80% of the total home value. This means that the more you have in your savings account, the lower your interest payments could be.

Customers switching to Beverley can benefit from a fee-free mortgage package. This includes standard valuation and legal fees, making the switch much more accessible.

Summary

Though Beverley Building Society may not have much in terms of variety, the clarity of its mortgages, competitive APRs, and excellent initial discounts can make them an attractive lender for many different kinds of customers in the property market. It can be particularly attractive to those looking to switch providers in order to remortgage, thanks to the fee-free nature of those packages and the ability to offset interest rates with your savings account. Besides that, the independent, member-owned nature of the society may make members feel more assured about the notion that the Society’s best interests lie with the customers, rather than with any stakeholders.